Every 4 years the real estate market takes a breather leading up to the presidential election. This year was no different. I have spoken to many buyers and sellers and they all had been so distracted by the election (and the economy!) that they were unable to focus on buying or selling a home. Since the historic Election of Barack Obama last week buyers have started to come back into the market. If John McCain were elected I’m not so sure that people would be feeling more confident. After all, almost 70% of the Commonwealths voters went with the winner! In Arlington it was even higher!
Because of the state of the economy many people have been on the sidelines, in fact in Arlington housing inventory has dropped a whopping 65%! This is good news because it means that prices are firm. In fact, prices have not moved in the past year. The market facts are as follows; buyers are out there looking for houses to buy and are unable to because of low inventory. Banks have more money than they can lend and everyone is sitting on there hands! The news reports sound grim but the reality is far different. At open houses this weekend I found buyers interested, engaged and ready to buy.
Have you been sitting on the fence? If so, I’d like to hear from you and listen to your ideas about the market!
